Mumbai: JSW Steel, India’s No. 3 producer of the alloy on Monday reported a 6.45% decline in consolidated net profit at Rs234.08 crore for the first quarter ended June 30, over the same period last year.
The company had a net profit of Rs250.23 crore in the same quarter ended June 2008, JSW Steel said in a filing to the Bombay Stock Exchange.
Net sales declined to Rs4,253.52 crore in the latest quarter, against Rs4,483.79 crore in the same quarter previous fiscal.
JSW sees its operating margin for FY10 at $150 a tonne, a top official said.
The company will complete its 11-million-tonne steel plant by March 2011, managing director Sajjan Jindal told reporters.
“Costs are falling, our product-mix is improving, retail is being increased, exports are being reduced,” he said.
In the June quarter, JSW Steel had an EBITDA margin of $118, he said.